Cognizant Technology Solutions India Pvt. Ltd., a leading IT services provider, has renewed its lease for more than 92,000 sq ft of office space in Navi Mumbai’s Mindspace Business Park, committing over ₹39.6 crore, according to property registration data. The move underscores the sustained demand for high-quality commercial office space in one of the Mumbai metropolitan region’s key business districts.
The leased premises span the second and sixth floors of the Mindspace Airoli building, measuring approximately 45,000 sq ft and 46,000 sq ft, respectively. The five-year lease includes a three-year lock-in period, with a starting monthly rent of ₹62.7 lakh and a 4.5% annual escalation. Additionally, tenants are responsible for Common Area Maintenance (CAM) charges at ₹11 per sq ft per month. The lease agreement was formalised on December 12, 2025, with a stamp duty of over ₹42 lakh and a registration fee of ₹30,000. A two-month rent-free period is scheduled from May 5, 2030, to July 4, 2030, offering temporary financial relief towards the later stages of the lease term.
An official from a real estate advisory said, “The renewal reflects confidence in Navi Mumbai’s commercial property market, particularly in integrated business parks like Mindspace, which continue to attract IT tenants seeking sustainable and efficient workspaces.” Mindspace Business Park hosts several IT and technology companies, contributing to the cluster’s role as a regional employment hub. Experts note that the demand for leased commercial space remains strong despite emerging hybrid work trends, with businesses increasingly opting for flexible, quality office environments to support operational efficiency and employee well-being.
The transaction highlights a broader trend in Navi Mumbai’s commercial real estate sector, where multinational IT companies continue to invest in long-term leases, signalling market stability and investor confidence. Industry observers add that business parks with sustainable design and energy-efficient infrastructure are increasingly favoured by corporate tenants aligned with net-zero and ESG principles. While neither Cognizant nor Mindspace Business Parks responded to queries at the time of reporting, market analysts suggest that strategic lease renewals like this one support ecosystem growth, job creation, and ancillary services in the Airoli region.
This development reflects the ongoing evolution of Navi Mumbai as a sustainable, tech-focused business destination, where long-term corporate leases ensure continuity for employees, strengthen the city’s commercial real estate market, and contribute to more efficient urban infrastructure utilisation.
Navi Mumbai Cognizant Renews 92000 Sq Ft Lease Worth 40 Crore
